Wall Street had expected the company to deliver quarterly adjusted earnings per share of 92 cents on $18.49 billion in revenue, according to consensus estimates by Thomson Reuters.

Net income attributable to P&G fell to $2.15 billion, or 75 cents per share, in the third quarter ended March 31, from $2.61 billion, or 90 cents per share, a year earlier.

Roughly two-thirds of the company's sales in fiscal 2014 was from outside North America.

Moeller said P&G's two biggest markets—the United States and China—showed promise.

"We're seeing sequential strengthening on the margin in the U.S. That's our largest and most profitable market," he continued. "China seems to have stabilized from a market growth standpoint."

In the earnings press release, P&G said it now expects organic sales growth of low single digits for the fiscal year. Net sales growth is expected to be down 5 percent to 6 percent versus the prior fiscal year, including a negative 6 percent to 7 percent headwind from foreign exchange and 1 percent impact from minor brand divestitures. P&G maintained its outlook for currency-neutral core earnings per share growth in the double-digits.

The company announced this month a 3 percent dividend increase. P&G said it plans to pay about $7.4 billion in dividends to shareholders in fiscal year 2015.

Earlier this month, Procter & Gamble also signaled CEO A.G. Lafley may be looking to end his second run at the helm and depart as soon as this summer. The Wall Street Journal also reported at the time that Lafley would likely remain chairman for a year or two to smooth the transition to his expected successor, company executive David Taylor.

P&G stock was off nearly 9 percent for the year as of Wednesday's close.

—CNBC's Terri Cullen and Reuters contributed to this report.

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